I read the report and I actually think it is pretty clear.

Everybody make mistakes. Even I have made an occasional mistake or have interpreted something wrong.

It strikes me that the process of ethical review within the SEC at the time was the shortcoming.

I appreciate your opinion, but I would respectfully disagree, based on--and there is no perfect process...

I would say having Ethics report to the Chairman is not a good idea.

I would just like to welcome the people who are going to give testimony today, the members of the panel.

From my perspective, I don't really concern myself too much with your specific details, if you want the truth.

I would strongly suggest, Mr. Kotz, that you do a follow-up, even if you don't think it is necessary.

I actually commend you, Madam Chairwoman, for accepting the fact that you made mistakes.

I have profound concerns though about crowdfunding and, in particular, the general solicitation exemption therein.

I am open to the possibility that Sarbanes-Oxley is not perfect, and that the securities laws that were initially established in 1933 and 1934 could evolve and adapt to be more germane to today's markets.